Is Zebra Technologies Stock Underperforming the Nasdaq?

With a market cap of $11.1 billion, Zebra Technologies Corporation (ZBRA) is a global provider of automatic identification and data capture solutions, serving industries such as retail, manufacturing, transportation and logistics, healthcare, and the public sector. The company operates through two segments: Connected Frontline and Asset Visibility and Automation, offering products including barcode scanners, mobile computers, RFID solutions, printers, machine vision systems, and cloud-based software. 

Companies worth more than $10 billion are generally labeled as “large-cap” stocks and Zebra Technologies fits this criterion perfectly. It delivers technology solutions that help organizations improve asset visibility, workforce productivity, and operational efficiency worldwide.

Despite this, shares of the Lincolnshire, Illinois-based company have declined 33.9% from its 52-week high of $352.66. ZBRA stock has increased 11.4% over the past three months, underperforming the Nasdaq Composite’s ($NASX) 15.8% gain over the same time frame. 

The stock is down 4.1% on a YTD basis, lagging behind NASX’s nearly 12% return. In the longer term, shares of Zebra Technologies have fallen 19.5% over the past 52 weeks, compared to NASX’s 33.3% surge over the same time frame. 

The stock has been trading below its 50-day moving average since August last year.

Shares of Zebra Technologies climbed 11.4% on May 12 after the company reported stronger-than-expected Q1 2026 results, including a 14.3% year-over-year increase in net sales to $1.495 billion and adjusted EPS of $4.75, up from $4.02 a year earlier. Investor sentiment was further boosted by improved profitability metrics, as adjusted EBITDA rose to $347 million from $292 million, adjusted EBITDA margin expanded to 23.2%, and the company generated $163 million in free cash flow. 

The stock also gained on Zebra’s raised full-year 2026 outlook, with management forecasting 10% - 14% sales growth, adjusted EPS of $18.30 - $18.70, free cash flow above $900 million, and Q2 sales growth of 14% - 17%.

However, rival Cisco Systems, Inc. (CSCO) has outpaced ZBRA stock. CSCO stock has climbed 52.3% on a YTD basis and 79.6% over the past 52 weeks.

Despite the stock’s underperformance, analysts remain moderately optimistic on ZBRA. The stock has a consensus rating of “Moderate Buy” from the 17 analysts in coverage, and the mean price target of $331.27 is a premium of 42.2% to current levels.